Every civilisation in history accepted slavery as normal. That's a fact.
The British Empire was no different. What made it very different is that it then decided to abolish slavery and push others to follow, at great human, financial and political cost.
So here’s the question:
If one day we decide eating animals is morally equivalent to slavery, wouldn't we celebrate the first society to stop the practice instead of condemning that society as "evil"?
The era of Wartime Ethereum is here.
That's the call from our lead macro researcher (and eternal $ETH bull) John Gillen - who just published a full response to David Hoffman's "Why I Sold My ETH" piece.
Here's the short version of where John lands:
David's argument is that the "ETH is money" thesis already played out.
Ethereum got the price it deserves, and there's no rerating coming (up or down).
John's view: it's way too early to call that.
The CLARITY Act isn't law yet... Roman Storm is still on trial... We're not even past the prologue of digital asset adoption.
Calling the game over right now is like declaring American self-governance a failure in 1781 because the Articles of Confederation were messy.
Big things take time.
On the valuation question, John pushes back hard on the idea that $ETH should be priced off L1 fees alone.
Ethereum is not a lemonade stand.
You can't value it like a business.
The market is assigning a monetary premium to $ETH for a reason, and that premium reflects properties the DCF model doesn't capture.
On the "crypto has become a vassal of TradFi" concern - John takes it seriously.
He spent six years at BlackRock.
He's seen how BNY Mellon and the rest plan to absorb this industry.
But the response to that capture attempt isn't to sell $ETH. It's to hold it and stake it.
That's how you vote with your capital against a future where the banks own the rails.
His core point: this asset class is going to dozens or hundreds of trillions of dollars in value, or it's worthless.
$ETH won't tread water at a $300B market cap forever.
The direction of travel is one or the other.
A lot of the current bearishness is just bear market fatigue.
$ETH has underperformed for a long stretch, so people are reaching for reasons to walk away.
Meanwhile network usage is at all-time highs, fees are at all-time lows, the staking queue keeps growing, and the EF is still shipping.
John still likes $ETH. He's not selling.
And he thinks the next chapter is one you're not going to want to miss.
This is only scratching the surface though.
John's a smart cookie - you need to read his full piece below to fully understand what the era of Wartime Ethereum holds. 👇
Ripple pays its bills by dumping 300 MILLION XRP on its own holders
When XRP launched in 2012, 100 BILLION tokens were created at once, all at genesis
The founders kept 20 billion for themselves and gave the other 80 billion to the company
In December 2017, Ripple locked 55 billion XRP into smart contracts so they couldn't just dump the supply whenever they wanted
That escrow releases 1 billion XRP every single month on the 1st, automatically, with zero human intervention required
Ripple typically relocks 70 to 80% back into new escrow contracts and they keep the rest, which is roughly 200 to 300 million XRP, to fund the entire company
At XRP's current price, 300 million tokens is $400 million, every single month
Ripple's CEO Brad Garlinghouse told the Financial Times directly that the company "would not be profitable or cash flow positive without selling XRP." The CEO himself admitted the entire company runs on dumping its own token
Ripple paid MoneyGram over 61 million dollars in "market development fees" to use XRP
MoneyGram then told reporters: "We sell XRP as soon as we receive it because we don't hold any XRP"
Ripple pays partners in XRP, the partners dump it on the market immediately, and Ripple announces it as adoption
The SEC called this out in their own complaint
They wrote that MoneyGram "became yet another conduit for Ripple's unregistered XRP sales into the market, with Ripple receiving the added benefit that it could tout its inorganic XRP use and trading volume"
The co founder who left, Jed McCaleb, kept 9 billion XRP on his way out, spent 8 years dumping from a wallet the community named 'Tacostand,' and walked away with 3.2 billion dollars. Ripple had to sue him just to slow the sales down
The bull case for the last decade has been "banks are coming"
Bank of America, Santander, PNC, American Express, and JPMorgan all partnered with Ripple. None of them actually use XRP
They use Ripple's messaging software without ever touching the token
Ripple still holds around 39 billion XRP in escrow, roughly 39% of total supply
Every holder of XRP is being slowly diluted by the company itself, by design, on a monthly schedule that's written into the blockchain
XRP is now down 6 consecutive months
A big reason is that every month, a new batch of supply hits the market from the same wallet, and everyone knows it's coming
The company that fought the SEC for 5 years and won is funded almost entirely by printing its own token and selling it to the people who believe in it
JUST IN
CARDANO IS ALREADY MAPPED TO TRILLIONS IN TRADFI MARKETS 😱😱😱
The @Cardano_CF CEO revealed that 78% of the $232T–$250T traditional finance market is already covered by LEIs integrated on Cardano.
Adding that this standard is now being expanded to other public blockchains, positioning Cardano at the center of global financial infrastructure.
🚨 Putin is preparing a large-scale mobilization — that’s why the internet is being restricted in Russia
According to Volodymyr Zelenskyy, social media is being shut down in part to prevent массовое недовольство и возможные бунты.
Do you agree?
The dream of China surpassing the U.S. as the world’s largest economy is fading. In 2021, China’s GDP was about 78% of the U.S.; by 2024, that share had fallen to roughly 64%, back to around 2017 levels, with the gap between the two economies doubling in just a few years.
JUST IN: 5-minute markets go live on Cardano
Prediction markets now settle in minutes, not hours
— Real-time outcomes
— Automated strategies 24/7
— Early markets already live
A faster trading layer is now live on Cardano.
UPDATE: Cardano Foundation CEO says "banks, brokers, and exchanges are saying "we want to do something with #Cardano," because if the identity layer is first-level quantum-secure, and is interoperable with something which is so distributed as Cardano is, plus we can prove it by working with companies such as EDI, you actually have the next level of IT security infrastructure in the making." $ADA
Putin bombed a Baptist Church in Ukraine last night. Ten victims so far including the pastor, Ruslan Utuzh. His daughter is to wed next month. Putin has killed as many as 80 pastors and priests and destroyed more than 700 churches. He targets evangelicals disproportionately.
UPDATE: Cardano Foundation CEO Frederik Gregaard says "we have about 200 fairly large companies in Germany that are LIVE on Agentic AI, and they don't even know they're using #Cardano as a security layer, digital identity layer, and accountability layer." $ADA